About Education Loans for Pilot Training
Although pursuing a career as a pilot can be an exciting experience, pilot training can be expensive. You can make your dreams of taking to the skies come true if you get the correct education loan on your preferred terms.
As beneficial as the process of availing a loan for pilot training in India can be, it is still full of complexities that necessitate proper knowledge and guidance. Today, we will help you with everything from comprehending eligibility requirements to researching reasonably priced training options in Australia, the Philippines, and India. If you're looking to fund your pilot training, it will offer insightful information to support your choices.
Education Loan For Pilot Training in India- Overview
Paying for pilot school for many can be a difficult undertaking. The average cost of earning a commercial pilot license from a DGCA-accredited flight training school is between 35 and 40 lakh rupees. However, with an education loan for commercial pilot training in India, you can achieve your goals without worrying about money.
More than 90% of aspiring pilots in India rely on college loans to fund their training. With the increasing global need for pilots, now is an excellent moment to take advantage of this income opportunity.
Education Loan For Pilot Training Abroad
The fee and eligibility criteria for pilot training abroad change with the country. The typical cost of pilot training can vary from Rs 40 lacs to Rs 80 lakhs in the USA, UK, Canada, and Australia. However, with education loans for pilot training, prospective pilots can get loan amounts of up to Rs 1.5 Cr to meet their training expenses.
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Education Loan for Pilot Training Eligibility
In order to be eligible for a pilot training education loan, you must fulfill certain industry-specific criteria, which include:
- Age Limit: Applicants must be between 18-35 years of age.
- Educational Qualifications: The applicant must have completed their 10+2 from a recognised board or equivalent, with a strong academic record.
- Proof of Admission: Letter of acceptance or admission into a recognised training pilot course at a recognized university, college, or institution.
- Co-applicants: Most education loans require a co- applicant and consider their income as a determining factor. (Parents, guardians, or relatives).
- Other Factors: Some other factors might also be taken into consideration such as, credit history, collateral, in case of secured loans and the loan amount applied for.
Approval Based on Your 12th Marks. No Co Applicant Required. Check Your Eligibility.
Documents Required for an Education Loan for Pilot Training
Here are the documents required to avail of an education loan for pilot training:
Applicant and Co-Applicant Documents
- Identification proof
- Passport
- PAN Card
Applicant’s Academic Documents
- 10th and 12th grade mark sheets.
- Available semester marksheet/transcript.
- Degree
- Entrance exam scores (IELTS, TOEFL, GMAT and others)
Applicant’s Financial Documents
- Bank statements of the applicant for the last 6 months
- Last 3 months salary slip
- Last 2 years Form 16.
- Last 3 years ITR
- Balance sheet and Profit and Loss account
- Business proof
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Cost of Pilot Training
The cost of pilot training can vary greatly depending on a number of factors, including the type of license or certification sought, the flight school or academy chosen, the location, the type of aircraft used for training, additional ratings or endorsements pursued, and any associated expenses such as lodging and materials. Here's a breakdown of the typical expenditures associated with pilot training.
- Private Pilot License (PPL): The average estimated fee for a PPL course in Indian colleges ranges from Rs. 5-10 lakhs, excluding other factors like accommodation and the institute's location.
- Commercial Pilot License (CPL): Commercial pilot training in India costs about Rs. 40-45 lakhs from a DGCA-approved flight training organization for obtaining a Commercial Pilot License.
- Airline Transport Pilot License (ATPL): The course fees for Airline Transport Pilot License (ATPL) training in India can be in the range of 5-7 Lakhs. The total cost that one might incur to become an airline pilot is nearly 18-24 Lakhs.
How To Get Flight School Loans In India?
If you are in India and want to pursue pilot training, one option is to take out a loan expressly meant for aviation school. Banks and financial institutions provide these loans, which can be used to pay for training-related living expenses, tuition, and flight hours. In order to be eligible for these loans, you usually have to fulfill a few requirements, such as having a decent credit score, offering collateral, and proving that you really want to work in aviation.
Federal Financial Aids for Flight Training
Aspiring pilots in India have additional possibilities for federal financial aid in addition to loans from commercial institutions. The Indian government provides financing options for flight training. Among these loans are:
- Pradhan Mantri Kaushal Vikas Yojana (PMKVY): Scheme offers financially disadvantaged people access to skill-development training, particularly courses connected to aviation.
- National Scheduled Castes Finance & Development Corporation (NSFDC): The NSFDC offers loans and other financial aid to members of Scheduled Castes so they can pursue professional flying training as a vocation.
- National Backward Classes Finance & Development Corporation (NBCFDC): The NBCFDC offers financial assistance to candidates from backward classes who want to pursue flight training.
- National Handicapped Finance and Development Corporation (NHFDC): NHFDC helps aspiring pilots with disabilities overcome financial obstacles and realize their aviation aspirations by offering loans and scholarships.
Private Student Loans for Flight Training
Private lending organizations provide these loans to pay for living expenses, equipment, flight hours, and tuition. Cosigners are typically needed for private student loans, and interest rates can change depending on a number of variables, including credit history.
- Public Bank Loans: These loans are a popular option for prospective pilots because they frequently feature advantageous interest rates and repayment schedules.
- Credit Union Loans: Credit unions are renowned for providing flexible repayment plans together with competitive interest rates.
- NBFCs: A few internet lending corporations focus on offering student loans for aviation education. These lenders facilitate student access to finances by providing rapid and easy loan processing.
How to Apply an Education Loan for Pilot Training at Propelld?
At Propelld, we strongly believe that no dream should be left incomplete because of financial difficulties. That's why we offer tailored financing solutions that will help you fund your dream of becoming a pilot in India. These solutions allow you to cover all the expenses associated with the pilot training with.
- Step 1: Register on the Propelld platform and then contact our loan expert.
- Step 2: After a brief discussion about requirements, our loan expert helps you choose the best partner ready to fund your dreams.
- Step 3: We will also negotiate with the partners for the best deal.
- Step 4: Follow the 100% digital process and update all the information and documents.
- Step 5: After the verification, get the quick approval and the loan amount debited from your account.
Financing Through Flight Schools
Examining the finance options provided directly by flying schools is an additional means of funding flight training. These choices could be payment plans, scholarships, or other forms of funding intended especially to cover the costs of flight instruction.
- Scholarships: Numerous flight schools provide financial aid to prospective pilots on the basis of their academic standing, exceptional accomplishments, or need for financial support.
- Payment Plans: To spread out the cost of flying training over a longer period of time, several flight schools offer installment plans.
- Work-study Programs: A number of aviation schools provide work-study opportunities for students to serve in various roles inside the institution in exchange for financial aid or a tuition reduction.
- Aviation Finance Partners: To provide its students with specialized financing options, many flight schools have teamed with aviation finance organizations.
Best Flight Schools in India and Abroad with Fee Structure
Flight Schools In India
Indira Gandhi Rashtriya Uran Akademi (IGRUA)
IGRUA is a reputable institute in our country. It is one of India's oldest and most successful schools, with an incredible reputation. This institute has taught some of the top pilots and continues to train efficient ones. Getting into this school is not for everyone.
Fee Structure: The total fee for Commercial Pilot License (CPL) training at IGRUA is approximately around ₹45-50 lakhs INR.
Madhya Pradesh Flying Club (MPFC)
Madhya Pradesh Flying Club was created in 1951. For the first 31 years, till 1982, it operated for the Madhya Pradesh government, maintaining government aircraft and planes. The Madhya Pradesh Flying Club also collaborates with the Indian Air Force to train fighter pilots. The club has evolved as one of India's most popular flying schools, and the minimum need for commercial pilot training is a 10+2 education and passing the class I fitness exam.
Fee Structure: For the Madhya Pradesh Flying Club (MPFC), the fee is INR 8.5L per year
National Flying Training Institute (NFTI)
The National Flying Training Institute, popularly known as CAE Gondia, is next on our list of the best flying schools in India. It is jointly owned by CAE and the Airport Authority of India and is one of the country's most popular pilot training facilities. The institute adheres to the criteria set by the DGCA and the International Civil Aviation Organization. Candidates must first achieve merit in the 10+2 system before taking a DGCA-certified medical test.
Fee Structure: The cost of CPL training at NFTI is around ₹25-30 lakhs INR.
Ahmedabad Aviation & Aeronautics Ltd. (AAA)
Ahmedabad Aviation and Aeronautics Ltd was founded in 1994 and is regarded as one of the greatest flying schools in India. The club focuses on developing applicants into exceptional pilots. The club also owns the Mehsana Airfield hangar at the Sardar Vallabhai Patel International Airport in Ahmedabad. It also has a large number of trainer aircraft, including the single-engine Cessna 152.
Fee Structure: The fee structure for Ahmedabad Aviation & Aeronautics Ltd. (AAA) is INR 24.6L for Full CPL
Bombay Flying Club
The Bombay Flying Club, one of India's premier flying schools, was established in 1928. Mr. JRD Tata, founder of the Bombay Flying Club, was the first to receive a commercial pilot license from the institute. Today, the institute is associated with Mumbai University and the DGCA. Bombay Flying Clubs also has some of the top aircraft, such as the Cessna 152A, PIPER PA18, and Seneca. The minimum requirement for commercial pilot training is 10+2 education and passing the class I fitness exam. Candidates may also apply for the BSc in Aviation.
Fee Structure: The fee for CPL training at Bombay Flying Club is around ₹20-25 lakhs INR.
Flight Schools Abroad
Aerosim Flight Academy
Aerosim Flight Academy offers professional pilot training programs in the USA, including a Commercial Pilot License (CPL) and Airline Transport Pilot (ATP) certification.
Fee Structure: The cost for training programs at Aerosim Flight Academy is INR 49.96L – 74.94L
CTC Aviation
CTC Aviation, now known as L3Harris Flight Academy, offers integrated and modular flight training programs for aspiring pilots.
Fee Structure: The cost for training programs at CTC Aviation is INR 63.14L – 84.18L
Singapore Flying College
Singapore Flying College is a renowned flight school that offers pilot training programs, including courses for private pilots and commercial pilots.
Fee Structure: The cost for training programs at Singapore Flying College is INR 43.76L – 93.77L
Olympus Aviation Academy
Olympus Aviation Academy is a flight school in Greece that offers a range of pilot training programs, including Private Pilot License (PPL), CPL, and ATPL.
Fee Structure: The cost of training programs at Olympus Aviation Academy depends on several factors.
United States Air Force Academy
The United States Air Force Academy provides education and training to future Air Force officers, including pilot training as part of its curriculum.
Fee Structure: The cost of training programs at the United States Air Force Academy is variable.
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Eligibility for Pilot Training in India
In order to enroll in pilot training in India, the following pilot training eligibility must be met:
- Age: To begin training and receive a student pilot license, aspiring pilots must be at least 17 years old and 21 years old to obtain a commercial pilot license.
- Physical and Medical Fitness: Pilots must be in great physical and mental health and meet the minimal medical requirements established by the Directorate General of Civil Aviation (DGCA).
- Education: Students wanting to become pilots in India must have passed Class XII in any stream. English is one of the required subjects, along with Math and Physics.
- English Proficiency: Because all aviation communications are performed in English, pilots need to be able to read, write, and speak the language easily.
Education Loan For Pilot Training in Different Countries
Aspiring pilots can access loan amounts up to Rs 1.5 Cr with education loans to meet their training fees. The average cost of pilot training abroad can range from Rs 7 lakhs to Rs 40 lakhs in the USA, the UK, Australia, Canada, and the Philippines. The pilot training in the Philippines for Indian students fees is 8-10 lakhs rupees. The pilot training in Australia for Indian students fees is 9-10 lakhs rupees. The Philippines is amongst the cheapest countries to become a pilot.
Requirements for Becoming a Pilot
Before delving into education loans for pilot training, it is important to understand the prerequisites for undertaking pilot training and becoming a commercial pilot:
- Minimum age requirements are 17-18 years to obtain a student pilot license and a minimum of 21 years for a commercial pilot license.
- It is also necessary to meet the medical fitness criteria set by aviation regulatory bodies regarding eyesight, hearing, physical health, BMI etc.
- You must have completed 10th and 12th with Physics, Mathematics and English subjects.
- You have to clear aviation aptitude tests related to communication skills, cognitive abilities, multi-tasking and more.
- You have to complete the required flying hours and examinations to obtain a Private Pilot License and a Commercial Pilot License.
- You must have strong written and verbal English skills for navigational communication.
Advantages of Taking an Education Loan for Pilot Training
Here are the key advantages of taking an education loan for pilot training:
- Comprehensive Coverage - An education loan for pilot training will help cover tuition fees, travel, accommodation, and other related costs.
- Extended tenure - Most financial institutions offer education loans with a long tenure period of up to 13 years, allowing you to repay the loan comfortably without straining your budget.
- Flexible Repayment Options - Another benefit of securing an education loan for pilot training is that you can start repaying after completing your education, enabling you to focus on your studies.
- Tax Benefits - Education loans come with tax benefits under Section 80E of the Income Tax Act for the interest you have paid.
- No Collateral Required - If you avail of an education loan for pilot training, you can retain your assets as security rather than liquidating them to finance your aviation course.
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Obtaining an education loan for pilot training provides access to a rewarding and lucrative job. However, financing is one of the biggest hurdles that Indian students and professionals need to overcome. Education loans for pilot training can help you overcome these difficulties.
We at Propelld recognize how important it is to fulfill your ambition of becoming a pilot. Our specialized education financing options are made to help aspirant pilots like you reach your objectives. Propelld is dedicated to assisting you in reaching new heights in your aviation profession through affordable interest rates, adaptable repayment schedules, and one-on-one support throughout the loan process.
